President lays Limassol Del Mar foundation stone
The foundation stone of Limassol Del Mar, the EUR 350 mln landmark development in the coastal town, was unveiled in the presence of President Nicos Anastasiades, dignitaries and other business personalities.
Following a blessing ceremony, Michalis D. Zavos, Chief Executive Officer of the D. Zavos Group and Director of the Cypeir Properties consortium, referred to the importance of the government’s and all political parties’ contribution to the project, by bolstering and restoring the Cypriot economy and highlighted the importance of joint venture projects for the promotion and expansion of both Limassol and the country, in general.
Pantelis Leptos, Deputy Chairman of the Leptos Group and Co-Director of Cypeir Properties, said that the entire project is a purely Cypriot private initiative and stressed that the close collaboration of the two groups highlights that a small country is capable of delivering large-scale projects. At the same time, Leptos emphasised that the project increased the prospects for other large investments from overseas, adding that the sales of Phase I are now almost 100% sold.
The speeches were concluded with President Anastasiades expressing his satisfaction that the Limassol Del Mar provides a refreshing addition to the Cypriot economy and at the same time promotes the island abroad, while attracting significant investment and quality tourism.
He praised the spirit of Cypriot entrepreneurs, saying that “so far, this administration has had as its foremost concern the exit from the economic crisis and the economy’s return to growth.
The government, he said, “remains committed to further enhancing and shielding the economy so that Cyprus can continue on a course of sustainable growth.”
President Anastasiades outlined in detail the different measures the government took in order to boost economic activity in the island including measures to simplify processes, speed up licensing processes of investment projects and place foreign investors and business people on a fast track procedure to get residence permits.
He also referred to a series of decisions which modernised the tax framework making it fairer and more competitive, limiting tax burdens and creating a business-friendly environment.
Limassol Del Mar is a mixed use project with unobstructed views of the sea from all apartments. The 27-storey project consists of luxury residences, 5-star facilities and services, as well as luxurious shops and restaurants.